CFOs need hospital finance teams

If your hospital doesn't already have a team in place, CFOs may want to put one together to handle all the dramatic changes in the current reimbursement environment, Healthcare Finance News reports.

This team of executives and managers should have experience in accounting and healthcare reimbursement. Members typically include controllers, contract directors and budget directors.  

Patrick Garvey, chief financial officer for Connecticut Children's Hospital, noted that the controller keeps an eye on cash, the contracting director negotiates contracts and the budget manager must track the hospital's projected budget.

"When you start to encompass the revenue cycle and some of the other aspects of finance we get a bit bigger, clearly," Garvey told Healthcare Finance News. "My accounting operation is about 10 (to) 12 people, with the budgeting side and accounts payable, payroll, as well as general accountants and management staff."

Staff with software skills are also needed. Florida Hospital has spent the better part of three years phasing in new revenue cycle software that is better aligned with clinical operations, Healthcare Finance News reported in a separate article.

And today's hospital CFO must also collaborate with every department within the institution in order to achieve financial goals and success. Strong communication skills are crucial, as is speaking to other employees without financial jargon.

To learn more:
- here's the first Healthcare Finance News article and the second article

Suggested Articles

Humana has filed suit against the Trump administration over cost-sharing reduction payments.

The Trump administration has launched a new alternative payment model to provide upfront investments to rural healthcare providers.

Nurx raised an additional $22.5 million in funding in May. Find out why CEO Varsha Rao believes telehealth will not go back to pre-COVID-19 levels.